The tenant as a customer: can good service improve real estate performance?

Customer Relationship Management (CRM) theory suggests that good customer service results in satisfied customers, who in turn are more likely to remain loyal and recommend the service provider to others. Proponents of good customer service for tenants claim that landlords should see a return on any investment in their customer service, in the form of enhanced real estate performance. This paper begins by reviewing research on customer service returns in other industries. Through consideration of the characteristics of real estate markets, the paper explains how factors such as (inter alia) lease terms, property market cycles, and property type, might determine the relationship between customer service and real estate performance. The paper concludes that further research is needed to isolate specific aspects of customer service that are most appreciated by customers. It suggests that the financial returns which accrue to landlords adopting a customer-focused approach might indeed be quantified, and suggests an appropriate method for such future research.

An evidence-based review on the likely economic and environmental impact of genetically modified cereals and oilseeds for UK agriculture

An evidence-based review of the potential impact that the introduction of genetically-modified (GM) cereal and oilseed crops could have for the UK was carried out. The inter-disciplinary research project addressed the key research questions using scenarios for the uptake, or not, of GM technologies. This was followed by an extensive literature review, stakeholder consultation and financial modelling. The world area of canola, oilseed rape (OSR) low in both erucic acid in the oil and glucosinolates in the meal, was 34M ha in 2012 of which 27% was GM; Canada is the lead producer but it is also grown in the USA, Australia and Chile. Farm level effects of adopting GM OSR include: lower production costs; higher yields and profits; and ease of farm management. Growing GM OSR instead of conventional OSR reduces both herbicide usage and environmental impact. Some 170M ha of maize was grown in the world in 2011 of which 28% was GM; the main producers are the USA, China and Brazil. Spain is the main EU producer of GM maize although it is also grown widely in Portugal. Insect resistant (IR) and herbicide tolerant (HT) are the GM maize traits currently available commercially. Farm level benefits of adopting GM maize are lower costs of production through reduced use of pesticides and higher profits. GM maize adoption results in less pesticide usage than on conventional counterpart crops leading to less residues in food and animal feed and allowing increasing diversity of bees and other pollinators. In the EU, well-tried coexistence measures for growing GM crops in the proximity of conventional crops have avoided gene flow issues. Scientific evidence so far seems to indicate that there has been no environmental damage from growing GM crops. They may possibly even be beneficial to the environment as they result in less pesticides and herbicides being applied and improved carbon sequestration from less tillage. A review of work on GM cereals relevant for the UK found input trait work on: herbicide and pathogen tolerance; abiotic stress such as from drought or salinity; and yield traits under different field conditions. For output traits, work has mainly focussed on modifying the nutritional components of cereals and in connection with various enzymes, diagnostics and vaccines. Scrutiny of applications submitted for field trial testing of GM cereals found around 9000 applications in the USA, 15 in Australia and 10 in the EU since 1996. There have also been many patent applications and granted patents for GM cereals in the USA for both input and output traits;an indication of the scale of such work is the fact that in a 6 week period in the spring of 2013, 12 patents were granted relating to GM cereals. A dynamic financial model has enabled us to better understand and examine the likely performance of Bt maize and HT OSR for the south of the UK, if cultivation is permitted in the future. It was found that for continuous growing of Bt maize and HT OSR, unless there was pest pressure for the former and weed pressure for the latter, the seed premia and likely coexistence costs for a buffer zone between other crops would reduce the financial returns for the GM crops compared with their conventional counterparts. When modelling HT OSR in a four crop rotation, it was found that gross margins increased significantly at the higher levels of such pest or weed pressure, particularly for farm businesses with larger fields where coexistence costs would be scaled down. The impact of the supply of UK-produced GM crops on the wider supply chain was examined through an extensive literature review and widespread stakeholder consultation with the feed supply chain. The animal feed sector would benefit from cheaper supplies of raw materials if GM crops were grown and, in the future, they might also benefit from crops with enhanced nutritional profile (such as having higher protein levels) becoming available. This would also be beneficial to livestock producers enabling lower production costs and higher margins. Whilst coexistence measures would result in increased costs, it is unlikely that these would cause substantial changes in the feed chain structure. Retailers were not concerned about a future increase in the amount of animal feed coming from GM crops. To conclude, we (the project team) feel that the adoption of currently available and appropriate GM crops in the UK in the years ahead would benefit farmers, consumers and the feed chain without causing environmental damage. Furthermore, unless British farmers are allowed to grow GM crops in the future, the competitiveness of farming in the UK is likely to decline relative to that globally.

Design and assessment of a large commercial Photovoltaic System in Barbados

One of the main aims of this thesis is to design an optimized commercial Photovoltaic (PV) system in Barbados from several variables such as racking type, module type and inverter type based on practicality, technical performance as well as financial returns to the client. Detailed simulations are done in PVSYST and financial models are used to compare different systems and their viability. Once the preeminent system is determined from a financial and performance perspective a detailed design is done using PVSYST and AutoCAD to design the most optimal PV system for the customer. In doing so, suitable engineering drawings are generated which are detailed enough for construction of the system. Detailed cost with quotes from relevant manufacturers, suppliers and estimators become instrumental in determining Balance of System Costs in addition to total project cost. The final simulated system is suggested with a PV capacity of 425kW and an inverter output of 300kW resulting in an array oversizing of 1.42. The PV system has a weighted Performance Ratio of 77 %, a specific yield of 1467 kWh/kWp and a projected annual production of 624 MWh/yr. This system is estimated to offset approximately 28 % of Carlton’s electrical load annually. Over the course of 20 years the PV system is projected to produce electricity at a cost of $0.201USD/kWh which is significantly lower than the $0.35 USD/kWh paid to the utility at the time of writing this thesis. Due to the high cost of electricity on the island, an attractive Feed-In-Tariff is not necessary to warrant the installation of a commercial System which over a lifetime which produces electricity at less than 60% of the cost to the user purchasing electricity from the utility. A simple payback period of 5.4 years, a return on investment of 17 % without incentives, in addition to an estimated diversion of 6840 barrels of oil or 2168 tonnes of CO2 further provides compelling justification for the installation of a commercial Photovoltaic System not only on Carlton A-1 Supermarket, but also island wide as well as regionally where most electricity supplies are from imported fossil fuels.

Investimento em treinamento e seus impacto nos conhecimentos e o retorno financeiro para a empresa: o Caso da Aracruz Celulose S. A.

The main purpose of this work is to show how the investments in training influence the financial returns of Aracruz Celulose S.A., in the period from january/1998 to december/2000. The data will be treated using quantitative and qualitative parameters. Our analyses will be based on the practical elements. In order to study the idea of investment return in terms of training and questions involving motivation, a knowledge of learning, which is in itself complex because of the varieties of learning theories which don¿t fit into the cultural models being studied, we direct our attention to the necessity of a model which understands the problems of existing conditions. For so much, the most appropriate method for the treatment of data relative to motivation, to knowledge and to learning, will be the ex post facto, because this refers to facts abready known and the researcher would be unable to control or manipulate the variables.

Política cultural audiovisual sob o prisma do mecanismo de investimento reembolsável da RioFilme

O presente trabalho busca analisar o resultado da restituição das receitas investidas nos projetos audiovisuais pela empresa RioFilme, no período de 2009 a 2013, por meio do mecanismo de investimento reembolsável, visando identificar a possibilidade de retroalimentação para novos investimentos. A RioFilme, que é uma empresa pública de investimentos em audiovisual da Prefeitura do Rio de Janeiro, realiza investimentos reembolsáveis, nos quais adquire participação nas receitas dos projetos; e não reembolsáveis, em que não há possibilidade restituição financeira para a empresa. Para a operacionalização da pesquisa foi realizada a análise documental de 79 processos administrativos e extraídos dados dos investimentos financeiros realizados RioFilme no setor audiovisual carioca no período de 2009 a 2013. O setor audiovisual brasileiro possui grande intervenção governamental, seja ela de forma direta, como também indireta, através das leis de incentivo à cultura, que utilizam a renúncia fiscal. Este modelo não traz restituição direta para o ente estatal, e consequentemente não possibilita a retroalimentação financeira do Estado para novos investimentos. Desta forma, a análise dos modelos alternativos de financiamento do setor audiovisual, como o mecanismo reembolsável utilizado pela RioFilme é de suma importância para a política cultural audiovisual brasileira, tendo em vista que neste modelo de investimento utilizado pela mesma há possibilidade de restituição financeira direta, possibilitando sua retroalimentação para investimentos em novas obras audiovisuais.

Modelos estocásticos com heterocedasticidade: Uma abordagem Bayesiana para os retornos do Ibovespa

Current research compares the Bayesian estimates obtained for the parameters of processes of ARCH family with normal and Student's t distributions for the conditional distribution of the return series. A non-informative prior distribution was adopted and a reparameterization of models under analysis was taken into account to map parameters' space into real space. The procedure adopts a normal prior distribution for the transformed parameters. The posterior summaries were obtained by Monte Carlo Markov Chain (MCMC) simulation methods. The methodology was evaluated by a series of Bovespa Index returns and the predictive ordinate criterion was employed to select the best adjustment model to the data. Results show that, as a rule, the proposed Bayesian approach provides satisfactory estimates and that the GARCH process with Student's t distribution adjusted better to the data.

Aplicação de um sistema de Inferência Fuzzy de suporte à decisão para estimação de valores de ações cotadas na Bolsa de Valores de São Paulo

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Adubação nitrogenada e fosfatada na cultura da mamona cultivada na safrinha em sistema de semeadura direta

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Produtividade e rentabilidade da frota artesanal que captura serra, (Scomberomorus brasiliensis, Collette, Russo & Zavalla-Camin, 1978), na costa norte do Brasil

A pesca no litoral norte brasileiro, bem como a de serra (S. brasiliensis), possui uma grande importância econômica para as comunidades pesqueiras da região. Este recurso apresenta variações sazonais na sua produção, acompanhando as mudanças na precipitação, havendo migrações tanto em sentido do hemisfério norte, como também para o nordeste brasileiro. Sua pesca é compartilhada por diversas frotas de vários estados e países, não existindo políticas de manejo para este estoque. O litoral do estado do Amapá é comparativamente mais produtivo que o do Pará e Maranhão, porém a pesca no litoral do Pará promove um retorno econômico melhor para barcos de pequeno porte. Barcos de médio porte tem um melhor retorno econômico quando estão pescando no litoral do Amapá. Financiamentos para a aquisição de embarcações devem ser acompanhados por profissionais capacitados que levem informações técnicas e econômicas que direcionem o pescador a uma atividade de pesca com melhores retornos financeiros. O atravessador atualmente tem um papel fundamental na captura de serra, capitalizando a atividade de pesca, e são os principais agentes de comercialização da produção. Uma mudança no perfil econômico da cadeia de produção e comercialização é necessária, passando de uma atividade desorganizada, artesanal e pouco rentável para os pescadores, para uma economia de escala com menos custos e maior renda. Isso se daria através da formação de associações e/ou cooperativas. A capacitação profissional só se desenvolverá mediante o aumento do nível de escolaridade, já que a educação é um fator limitante para a formação técnica dos pescadores.

Utilização dos sistemas integrados de gestão - ERP: estudo de múltiplos casos em pequenas e médias empresas

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Modelo de programação não-linear para otimização do padrão de cultivo e retorno financeiro em áreas irrigadas

Pós-graduação em Agronomia (Irrigação e Drenagem) - FCA

Produção e qualidade de inflorescências de couve-flor em função da densidade de plantio

Cauliflower is one of the most planted vegetable throughout Brazil, being a very profitable crop. The use of denser plantings can increase crop yield and improve financial returns to producers. This study aimed to verify the combination effect of different spacing between plants in row and between rows on the cauliflower 'Piracicaba Precoce’ inflorescences productivity and quality. In the experiment, a randomized block design was used and treatments consisted in three distances between rows (70, 80 and 90 cm) with three distances between plants in row (50, 60 and 70 cm) and four replications. Total productivity and productivity by inflorescences size classes were assessed as well as the quality by checking the inflorescences’ mass. The row density did not change the produced heads quality, although the density between plants reduced the inflorescences size. The spacing 70 x 50 cm, totalizing 28,571 plants per ha, due the higher productivity, greater than 14.0 t ha-1 , and still not compromise the inflorescence size can be recommended to the cauliflower "Piracicaba Precoce” production in the region.

Risk Factors for Whole Carcass Condemnations in the Swiss Slaughter Cattle Population

We used meat-inspection data collected over a period of three years in Switzerland to evaluate slaughterhouse-level, farm-level and animal-level factors that may be associated with whole carcass condemnation (WCC) in cattle after slaughter. The objective of this study was to identify WCC risk factors so they can be communicated to, and managed by, the slaughter industry and veterinary services. During meat inspection, there were three main important predictors of the risk of WCC; the slaughtered animal's sex, age, and the size of the slaughterhouse it was processed in. WCC for injuries and significant weight loss (visible welfare indicators) were almost exclusive to smaller slaughterhouses. Cattle exhibiting clinical syndromes that were not externally visible (e.g. pneumonia lesions) and that are associated with fattening of cattle, end up in larger slaughterhouses. For this reason, it is important for animal health surveillance to collect data from both types of slaughterhouses. Other important risk factors for WCC were on-farm mortality rate and the number of cattle on the farm of origin. This study highlights the fact that the many risk factors for WCC are as complex as the production system itself, with risk factors interacting with one another in ways which are sometimes difficult to interpret biologically. Risk-based surveillance aimed at farms with reoccurring health problems (e.g. a history of above average condemnation rates) may be more appropriate than the selection, of higher-risk animals arriving at slaughter. In Switzerland, the introduction of a benchmarking system that would provide feedback to the farmer with information on condemnation reasons, and his/her performance compared to the national/regional average could be a first step towards improving herd-management and financial returns for producers.

High Yield of Soybeans Study

The research project was designed to study soybean plant and yield responses to certain products. Soybean producers generally look to maximize profit, and with increased soybean prices, financial returns have been obtained from even smaller yield responses. The project began in 2011 as a two-year study designed to look at the effects of both seed and foliar treatments applied to soybeans.

International for-profit investiments in microfinance institutions equity

In recent years international investors are increasing the focus on the social consequences of their investments along with its financial returns. The microfinance sector, considered as an asset class is a relatively young concept but the microfinance industry is experiencing a tremendous growth and has a high potential for the future. Today most social responsible investments in microfinance are performed through loans or fixed income structured finance vehicles. The possibilities to invest in the equity tranche of the industry are still scarce since the number of listed microfinance institutions is reduced and the private equity investments are limited and difficult to reach for the majority of investors. In this document we present a study on the characteristics of the MFIs and we try to shed some light on this subsector of the equity assets universe that may become important in the coming future. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange